There are a few tips an entrepreneur should be aware of:
- As a CEO or MD, you are the lifeline of the enterprise. But train or hire a person who could fill in your shoes, if you are unable to perform for some medical reasons.
- Your second line in every function that you are driving needs to know what you are doing and whom you are working with outside the company. The growth milestones cannot remain still and they need to move up in your absence.
- Your board is the Trust you create on the minds of all stakeholders including investors. Induct a face known well in your industry. He or she is there to reassure your commitment to the outside world.
- Governance is a key element that builds up the reputation of the company. Adhere to the rules of land and that of the board.
- Transparency to stake holders gets you all the support when the going gets tough. They must know the milestone misses more than the hits.
- Remember the team that you are building has reposed faith in your capability and leadership. Take good care of them to build their loyalty with the company. You have already hired them at a pay higher than the market price and hence you must not lose them, as replacement involves time & more money.
Forgot the above, you will DYG – dig your grave – at your own peril.
#entrepreneur #leadership #entrepreneurship